The Goods and Services Tax is an indirect tax levied in India for the supply of goods and services.
GST is the acronym for Goods and Services tax. It is a comprehensive indirect tax system developed in India that subsumes all other forms of taxes. It is quite a multi-stage and destination-based tax system that has to be followed and is levied on several kinds of goods and services. GST has different tax slabs for different types of goods. Based on the nature of the goods one is selling, the level of GST is imposed. Different tax slabs for GST include 0%, 5%, 18% and 28%. Certain goods are also exempted from GST. The tax system came into full effect in the year 2017. Understanding GST is important for any business to function.